Though it can hardly be said that Ethereum (ETH) has underperformed in the 2024 cryptocurrency bull market, ETH has – unlike many other coins and tokens, including Bitcoin (BTC) – failed to reclaim its all-time highs (ATH).
Indeed, with Ethereum price today standing at $3,660.17 after a 65.58% year-to-date (YTD) rise, the cryptocurrency has seemingly found a strong resistance zone near $3,800 and has, despite multiple attempts in recent months, proven unable to maintain a valuation above it.
Things may soon change, however, given that ETH is set to get an entirely new contingent of institutional and retail investors with the approval of spot exchange-traded funds (ETFs), announced on May 23.
With the recent developments in mind, Finbold decided to consult the most advanced version of OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT-4o – about where Ethereum’s price might stand when the first ETH ETFs are listed.
ChatGPT sets ETH price at time of first ETF listing
As it quickly turned out, ChatGPT considers the approval of the exchange-traded funds to be a major victory for Ethereum and estimates that its price – once the first listings take place – is likely to rocket as high as $4,750.
According to the AI, the high price target is the result of multiple factors – both old and newly introduced – and assumes that the SEC’s decision will both bring a deluge of new investors and vastly boost the crypto market sentiment about Ethereum.
ChatGPT also analyzed the impact of BTC ETFs on Bitcoin’s price and took into account other ETH-specific factors, such as the market dynamics following the ‘merge’ when arriving at the $4,750 price target.
ChatGPT offers a more bullish and a more bearish outcome
After outlining its baseline prediction, ChatGPT conceded that it is not the only plausible outcome of the listing of the first-ever ETH ETFs in the U.S.
The AI stated that, should the funds lead to substantially greater inflows than anticipated, and should ETH reliably stay above $4,000, it is possible the cryptocurrency might rocket as high as $5,000 in the wake of the listings.
On the other hand, ChatGPT also stated that it is possible the ETFs could drive ETH price down to approximately $3,300.
According to the AI, this might happen should there be excessive profit-taking in the wake of the listings. A similar event was seen after the approval of BTC ETFs in January when the crypto market entered into a brief but brutal bloodbath.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read the full article here
